Heron Therapeutics, Inc. Closes Underwritten Offering of Common Stock

June 30, 2014 01:30 PM Eastern Daylight Time

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Heron Therapeutics, Inc. (NASDAQ: HRTX), a specialty pharmaceutical
company, today announced closing of its underwritten public offering of
4,751,358 shares of common stock at a public offering price of $11.75
per share. As a component of the offering, in lieu of common stock,
Heron Therapeutics, Inc. also offered and sold to certain existing large
investors pre-funded warrants to purchase up to an aggregate of 600,000
shares of common stock at a purchase price of $11.74 per warrant, which
represents the per share public offering price for the common stock less
the $0.01 per share exercise price for each such pre-funded warrant.
Gross offering proceeds to Heron Therapeutics, Inc. are approximately
$63 million before deducting underwriting discounts and commissions and
offering expenses payable by Heron Therapeutics, Inc.

The securities described above were offered pursuant to a shelf
registration statement (File No. 333-195928), that was previously filed
and declared effective by the United States Securities and Exchange
Commission (“SEC”) on May 23, 2014. The securities described above have
not been qualified under any state blue sky laws. This press release
shall not constitute an offer to sell or the solicitation of an offer to
buy these securities, nor shall there be any sale of these securities in
any state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under
the securities laws of any such state or other jurisdiction. A final
prospectus supplement relating to the offering was filed with the SEC
and is available on the SEC’s website at www.sec.gov,
or by request at Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 12th Floor, New York, NY 10022,
telephone: (877) 547-6340, e-mail: Prospectus_Department@Jefferies.com.

This press release includes forward-looking statements, including
statements relating to the proceeds of the offering and closing of the
offering. For these statements, Heron Therapeutics, Inc. claims the
protection of the safe harbor for forward-looking statements provided by
the Private Securities Litigation Reform Act of 1995. It should be noted
that there are risks and uncertainties related to the public offering. A
review of these risks can be found in Heron Therapeutics, Inc.’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2013, the
prospectus filed with the SEC in connection with the offering and other
reports and documents filed with the SEC.

About Heron Therapeutics, Inc.

Heron Therapeutics, Inc. (formerly A.P. Pharma, Inc.) is a specialty
pharmaceutical company developing products using its proprietary
Biochronomer™ polymer-based drug delivery platform. This drug delivery
platform is designed to improve the therapeutic profile of injectable
pharmaceuticals by extending the duration of action.

Forward Looking Statements

This news release contains "forward-looking statements" as defined by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties, including
uncertainties associated with the potential approval of SUSTOL™
and the potential timing for such approval, if approved at all; risks
relating to progress in research and development of HTX-011, including
the timing of planned toxicology and clinical studies; risks related to
other programs; risks related to the launch and acceptance of new
products and other risks and uncertainties identified in the Company's
filings with the Securities and Exchange Commission. We caution
investors that forward-looking statements reflect our analysis only on
their stated date. We do not intend to update them except as required by
law.